The Indian markets soared by 2.5% on Tuesday, buoyed by the conclusion of a trade deal between India and the US that saw tariffs on Indian exports to the US being slashed to 18% from 50%. The rally was broad-based, with almost three-fourth of all stocks that trade on the BSE and all sectoral indices ending higher. Before Indian markets opened in the morning, American Depository Receipts (ADRs) of Indian companies listed on US exchanges had surged as investors cheered the late Monday announcement of a trade deal. Many companies in the sector are major exporters and the US market accounts for a large portion of their revenues. Other export-driven sectors such as chemicals, gems and jewelry, and some automobile and other equipment manufacturers (OEMs) also rallied sharply.

Source: Indian Express February 03, 2026 15:55 UTC